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What is Golden Duck Crypto?

The crypto market is home to many different types of cryptocurrencies. Nowadays you can choose between numerous coins and make your strategy for the market. You can trade, invest, and keep your savings in cryptos, mine for cryptos, etc. The possibilities are almost unlimited. Unfortunately, this area of finance (as any other) is not a risk-free one. Getting into the market should be a carefully researched process, covered by facts and knowledge of possible risks. 

Learn what is macd in crypto, how to invest safely, how to start mining, etc before you decide to step in. It is very important to stay on track with needed information.

This article will be used as a guide and a compilation of info and answers on one of the cryptocurrencies out there. The project we wish to address is the Golden Duck or GOLDUCK coin. What is this coin, how much is it worth, how to get it, and similar questions should be answered by the end of this text. There are a lot of newcomers to the market willing to learn how to spot the next big coin and start earning money. Keep reading if you are interested in finding out something new and useful. 

What is the Golden Duck token?

The Golden Duck project or GOLDUCK token is a project with an interesting approach. This project was set to motion in August 2021 as an experimental farming token that runs on the BSC scan. This coin and the project itself are built to be 100% run by the community. That means the decentralization is full, and in regards to the maker, there are no individuals or groups that are listed as official creators. 

The community is holding everything. What is interesting about this farming coin is that the only thing you need to do to earn with it is to keep the coins in your wallet. We will explain further how this works.

How does GOLDUCK work?

The idea behind this coin is to make money just by keeping coins in your wallet. How does this work? Well, it is related to yield farming. This means that you can make passive income by trading, investing, lending, etc, your cryptos. The basic idea of getting this passive income is by depositing your cryptos into a liquidity pool. 

You can imagine these liquidity pools as digital homes for crypto coins, that are safely locked by contracts between buyers and sellers. 

Now, if we say a currency has a high liquidity rate, that means it’s fairly easy to trade it for another currency. The higher the liquidity, the easier the swap. The process of selling and buying coins via pools gives an option for mining. When making a transaction possible, the pool takes a fee which is basically looked upon as an interest. These pools can have high-interest rates, so they have become popular for another type of mining. People invest their coins by putting them into the pool, and in return, they get coins like stakeholders.

Earning with GOLDUCK

The GOLDUCK is said to provide this possibility too but in a more easy and affordable way. According to the idea on their official website, Duck is created to enable you the passive income without putting your coins into the pool. In fact, you do not have to do anything with your coins except for keeping them in the wallet of your choice. This model of passive income earnings was made possible by transaction fees that Duck has.

Every transaction has a 4% fee. This fee is what makes your passive earning achievable. After each transaction, this fee is split into two equal parts. One of them goes to existing holders, and the other one goes to the liquidity pool and it’s locked there. So if you are a stakeholder, you get the share of half of this fee just because you own golduck coins.

Another golduck’s special trait is that each transaction burns coins. Meaning that each transaction lowers the number of existing tokens. As stated on their website, they have burned more than 50% of existing coins so far. What that means for you as a stakeholder is that you will, at some point, be an owner of tokens that will rise in value, as they are no longer available outside the existing circulation. 

Let’s put it more simply, you are going to have something that is not in store anymore that people would want to buy anyhow. That will make your coins’ price go up, therefore if you decide to trade, you will get more profit. The best thing is if you trade you will again get some passive income from the previously mentioned transaction fees. Sounds a bit Perpetuum mobile, if you ask us. We will see how this story works over time, as it is fairly early for conclusions.

To sum up

The market is going through various changes, as is the overall way of working with cryptos. GOLDUCK offers an interesting approach to passive earning, it is yet to be seen how will that work out. The idea of a 100% decentralized project with a strong community seems good so far. The importance of a healthy and stable crypto community never seems to cease. There is more to a community than just trade and information. People really do seem to connect via these groups on different levels other than just the financial one.

This year’s crisis in the market introduced new potential problems and discussions to the point that even the legality of Bitcoins in the UK is in question. Luckily, the famous coin seems to be doing all right after all. Although the situation hasn’t been perfect lately, we still have crypto enthusiasts that strongly believe that the market will survive. Only time can tell us that. 

In the meantime, try to stay safe and prepared for any outcome. Keep yourself informed and invest smartly. The risks are present as in any other market, so try to be as organized and prepared as possible.